# Placebo Test — Random Z Reassignment

- Permutations: 500
- Actual Z₁ coefficient: -1.2411
- Placebo distribution: mean=0.0001, SD=0.0007
- Permutation p-value: 0.0000
- Distance: 1724.7 SD from placebo mean

*Z₁, Z₂, Z₃ shuffled across countries within each year. Tests whether the result could arise from any arbitrary country ranking.*